ElFys has raised €6M to ensure production ramp up for wearable market - with the latest addition of Samsung Venture Investment Corporation as lead investor. The new €3M round announced today is complementing a round of the same size from last summer, and the money raised is dedicated to ramping up production to match the growing demand from the industry.
The lead investor of the round is Samsung Venture Investment Corporation (SVIC), together with the company’s earlier round’s lead Voima Ventures. For additional details please read the press release.
Samsung Venture Investment Corporation (SVIC) stands as a prominent force in the global investment landscape, with a keen eye for identifying and nurturing promising ventures across various industries. As the venture capital arm of Samsung Group, one of the world's leading technology conglomerates, SVIC brings not only substantial financial backing but also invaluable strategic insights and resources to its portfolio companies.
With a track record of supporting innovative startups and emerging technologies, SVIC's involvement as the lead investor in ElFys' recent €6M funding round underscores their confidence in the company's vision and potential within the wearable technology market. By leveraging SVIC's extensive network and expertise, ElFys is poised to accelerate its production capabilities and further solidify its position as a key player in the rapidly evolving wearable industry landscape.